PRECIOUS-Gold holds gains as Ireland worry eases

                                
 * Eyes on China, possible rate hike partly priced in
                                
 * Gold to fall towards $1,310-technicals[ID:nSGE6AI03K]
                                
 * Coming up: Fed Chairman Bernanke speaks; 1015 GMT

 (Updates prices)    )	
                                
 Nov 19 (Reuters) -     By Rujun Shen          SINGAPORE, 
Nov 19 (Reuters) - Gold prices steadied on Friday, holding 
onto gains from the previous session, as a cure is seen 
imminent for Ireland's debt crisis, which helped boost the euro.	
                                
 Ireland insisted on Thursday its low rate of corporation 
tax was "non-negotiable" as it discusses an aid package worth 
tens of billions of euros from European partners and the IMF 
for its shattered banks.[ID:nLDE6AH0HV]  	
                                
 Spot gold edged up 0.3 percent to $1,357.30 an 
ounce by 0711 GMT, on course for a weekly decline of 0.7 
percent weekly decline.        U.S. gold futures were 
trading at $1,357.2.        Investors are closely watching 
China's monetary policy manoeuvres, after talk of an imminent 
rate hike caused a sell-off in commodities this week.        
Another rate hike might increase downward pressure on 
commodities, but the impact is not likely to be profound as 
the anticipation has been building and partly priced in, 
analysts and traders said.          "I think a rate hike, if 
materialized over the weekend, is likely to exert a bit of 
volatility for commodities, including precious metals," said 
Yingxi Yu, an analyst at Barclays Capital.        "But 
fundamentally it doesn't change our views that China will 
continue to grow at a robust pace. It doesn't change our view 
that fundamental demand for commodities from China is not 
going to be severely affected by a rate hike."          
China's government has pledged to tame inflation, China's 
consumer inflation reading hit a 25-month peak in October. For 
a factbox on China's inflation, click: [ID:nTOE6AH02A]        
Spot gold is expected to drop towards $1,310 as the 
downtrend is still short of a wave "e" development, said Wang 
Tao, a Reuters market analyst. [ID:nSGE6AI03K]          For a 
graphic showing the 24-hour gold technical outlook,  see:	
http://graphics.thomsonreuters.com/WT/20101911102335.jpg	
                                
 In comments prepared for delivery to a conference of the 
European Central Bank later in the day, Federal Reserve 
Chairman Ben Bernanke made a full-throated defense against 
criticism that the U.S. central bank's controversial 
bond-buying program is debasing the dollar, saying a vigorous 
U.S. recovery is central to global economic 
health.[ID:nWALIME6SR]        Physical buying has been strong 
in the region after prices dropped nearly seven percent from 
an all-time high of $1,424.10 hit on Nov 9 to a hair below 
$1,330 on Nov 16.          "We saw buying interest below 
$1,350 in the region, as people are betting on a price rise to 
$1,500 next year," said a Hong Kong-based dealer.        Spot 
silver gained 0.6 percent to $27.08, headed for a 
weekly rise of 4.2 percent.          Spot platinum fell 
0.4 percent to $1,654.74, down 1.4 percent on the week.        
Prominent commodities investor and hedge fund manager Dwight 
Anderson said on Thursday platinum output has possibly peaked 
as the precious metal gets harder to mine, and prices are 
likely to rise to record highs.[ID:nN1899807]        But 
platinum has lagged behind other precious metals, posting a 
13-percent year-to-date rise, compared to a 73-percent jump in 
palladium.	
	
 	
  Precious metals prices at 0711 GMT	
 Metal             Last    Change  Pct chg  YTD pct chg  
Turnover	
 Spot Gold        1357.30    4.65   +0.34     23.88             
 	
 Spot Silver        27.08    0.16   +0.59     60.90             
 	
 Spot Platinum    1654.74   -7.26   -0.44     12.80             
 	
 Spot Palladium    700.97    7.25   +1.05     72.87             
 	
 TOCOM Gold       3648.00   17.00   +0.47     11.94        
61153 	
 TOCOM Platinum   4477.00    6.00   +0.13      2.19        
16642 	
 TOCOM Silver       72.70    2.10   +2.97     40.62         
3840 	
 TOCOM Palladium  1863.00   51.00   +2.81     59.91         
1054 	
 Euro/Dollar       1.3671                                       
 	
 Dollar/Yen         83.34                                       
 	
 	
 TOCOM prices in yen per gram. Spot prices in $ per ounce.	
 	
 
                                
 	
 
                                
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